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401k Facts
Tips & knowledge to help your 401k planning efforts.A 401k should be one of the last sources, if not the last, from which to borrow money. There are three important reasons for this.
First, you're costing yourself an enormous amount of interest. (When you borrow money from a 401k, your nest egg is smaller and earns less money.) Second, you pay back the loan with after-tax money (in contrast to contributions to a 401k, which are made with pre-tax dollars). Third, the loan isn't tax deductible. (SOURCE: The Wall Street Journal. Complete Retirement Guidebook: How to Plan It, Live It and Enjoy It)
